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And that latter point is an important one for investors – how many times have we seen companies come to the alternative market and immediately get the begging bowl back out?

CDialogues can fund from its own coffers some fairly ambitious expansion plans.

It is a deceptively simple operation, though the business has been skilfully executed by founders Pale Spanos, chief executive, and George Karakovounis, chief financial officer. The pair honed their skills at another AIM mobile marketing firm, InternetQ.

CDialogues at a glance

AIM ticker: CDOG

Valuation: £14mln

Listed at: 212p

Current price: 230p

Athens-headquartered CDialogues helps mobile phone companies in emerging markets such as the Middle East, North Africa and parts of Asia to increase the revenues generated, reduce churn and increase loyalty.

The latter two points, as well as being interlinked, are problems for operators in the newer developing territories where the pre-paid mobile is king.

Pay-as-you-go also allows SIM card flipping between networks – in other words loyalty is a lot harder to engender than it is here in the UK where most users are tied to a 24-month contract anyway.

There are a number of firms that can help with this problem of preventing this interminable turnover of customers.

However, none takes quite the approach of CDialogues. It will set up campaigns, be they competitions, the offer of free minutes, or access to content such as ring tones, at its own expense and then split the rewards with the network.

It knows it needs around 5 per cent of an operator’s total subscriber base to opt in, either spending around 10 cents daily or by sending a premium SMS, to make a campaign economic.

It is worth stressing that operator’s billing system is the channel it uses to charge clients.

The communication with potential subscribers is done via the CDialogues proprietary platform, which interfaces with the mobile phone firm’s own systems.

CDialogues is in charge of the message and the marketing, be that billboards, radio or TV ads.

In return it takes between 50 per cent and 60 per cent of the revenues generated by the campaign, which it uses to pay its local partners and to cover the initial set-up costs of the marketing.

The model would work across here in Western Europe, although regulation and generally higher costs mean it would be a low margin business.

The company is clear it doesn’t do business just to pimp top line growth – it is careful only to choose the work that will help maintain and grow EBITDA (underlying earnings) margins that are currently around the 30 per cent mark.

Base: Athens-based CDialogues can benefit from less regulation and lower costs in the likes of Kuwait, Lebanon and Jordan

In 2013, CDialogues had two main clients, which grew to five in 2014. Analysts say an additional three to four could boost revenues by 40 per cent.

The main barrier to entry is the relationships it has with the mobile phone firms; relationships that have generated additional revenues for these companies; relationships that have been scrutinised and rigorously analysed by these customers too, it must be said.

As well as growing the customer base, CDialogues might also look to add to the services it provides such as betting, although we are told there are no plans to launch this immediately.

The City broker Mirabaud is predicting that CDialogues’ revenues will be €9.5million in the year just gone, rising to €14million this year. This would give pretax profits for those years of €2.5million and €3.7million.

It means the stock, which listed last June at 212p and is now changing hands for 230p, is valued at just 5.4 times 2015 earnings.

Take a second look at that figure and remember what I have said.

This is a supremely cash generative business whose customers pay in 60-90 days, that will have grown profits more than ten-fold in the four years to the end of 2015 – if CDialogues hits its targets. Remember also it has a track record of outperforming.

I leave the last word to Mirabaud analyst Alan Howard, who values the shares at 343p.

'Based on the current run-rate and a conservative view on the near-term pipeline, the company’s subscription model gives high revenues and earnings visibility for 2015'.

NOTE: The impediment to acquiring this stock without having to pay a huge market maker’s premium is the rather paltry free float, with around 88% of the shares still held by the two founders. We are told there are plans to address this issue.